The value of exports of goods and services increased to $12.25 billion in January 2023 from $9.98 billion recorded during the similar period last year, mostly driven by non-traditional exports, particularly minerals and manufactured goods; and services receipts—tourism.
According to the Bank of Tanzania (BoT) Monthly Economic Review for January, 2023 much of the increase was registered in manufactured goods exports, mainly fertilizers, textiles, and iron and steel, explained by increasing demand from neighbouring countries particularly Democratic Republic of Congo (DRC).
“As for minerals, growth drivers were mainly diamonds, coal and gold,” the report says.
Diamonds exports increased to $62.5 million in the year in January 2023 from $8.7 million in the corresponding period in 2022, owing to resumption of production at Williamson Mines.
Coal worth $195.5 million was exported during the period, higher than $22.2 million in the year to January 2022, owing to heightened demand for alternative energy following supply disruptions stemming from the war in Ukraine.
“Much of the coal was destined to the regional markets that is Kenya, DRC, Rwanda and Uganda; with Poland, Hong Kong, India, and Senegal as other destinations,” the report says.
Gold exports also increased to $2.90 billion from $2.65 billion, on account of both volume and price effects.
The exports of traditional goods also rose to $754.6 million from $657.8 million, with all crops recording increases except clove and tea with the increase was mostly owing to price effects.
“On monthly basis, traditional exports fell to $66 million in January 2023 from $7.8 million in January 2022, while non-traditional exports increased by 48.2 percent to $484.6 million up from $326.9 million in January 2022,” the report says.